Viacom

rumormonger
John Norris A Victim Of MTV Layoffs?
The 850 layoffs at Viacom today—including hundreds at MTV—are claiming the livelihoods of tons of hardworking people who did their jobs well without ever receiving fame and fortune. And just like when a jumbo jet crashes with hundreds of souls aboard, the first question is: "Were any celebrities involved?" You know you were thinking that, you heartless swine. Well (according to an unconfirmed rumor from an inside tipster), your third-favorite MTV correspondent-for-life, John Norris, was laid off today. After the jump, we've got other reports from the Viacom scene. More »

1:20 PM on Thu Dec 4 2008
By Hamilton Nolan
14,700 views, 128 comments

Most discussed Nic Fit: I think that Martha Quinn and J.J. Jackson are on the way out too. more »
Internal memos
The Dreaded Viacom Layoffs: 850 People
The long-feared Viacom pre-post holiday layoffs are here, and they're not pretty. We heard earlier that as many as 300 layoffs might be coming at MTV today, but the total, Viacom-wide numbers are even worse: 850 people are being cut, about 7% of the company's global staff. And top management is "suspending salary increases" next year, if it makes you peons feel any better. The full internal memo that went out this morning is after the jump; if you know more about the specific breakdown of the layoffs, email us. UPDATES: additional memos from MTV and Paramount added below: More »

9:13 AM on Thu Dec 4 2008
By Hamilton Nolan
18,826 views, 89 comments

Most discussed UlandKabolla: Please stop posting about how bad MTVs programming is and that a lack of music videos is causing people more »
layoffs roundup
MTV Closing Rhapsody Office
- RealNetworks and Viacom subsidiary MTV closed down the entire New York office of their joint Rhapsody America online music venture, a tipster tells us, sending the roughly 25 staffers packing, albeit with severance. A lone Rhapsody staffer transferred to RealNetworks' New York office. The service will continue operating, via Real's west coast offices.
- The same tipster said more Viacom cuts are coming today. Someone else told us previously that MTV would lay off around 300 today.
- CNBC is said to be laying off up to 80 staff as soon as today, its first cuts under the $500 million cost reduction announced by parent NBC in October. [Post]
- NBC Universal cut about 30 people in advertising support and research nationwide, sparing staff at its successful cable networks. [TV Week]
- We're told, anonymously, that the Arizona Republic, Gannett's second-biggest newspaper, laid off 20 or more newsroom staff.
5:56 AM on Thu Dec 4 2008
By Ryan Tate
2,047 views, 7 comments

Latest by pantallicarox: I work at another Gannett Newspaper (The News-Star) and we laid off about 10 people today. It was a nation more »
rumormonger
Three Hundred Layoffs At MTV Thursday?
Chatter about big layoffs at Viacom and its MTV unit have been in the air for weeks, with firings at the latter recently expected Wednesday or Thursday of this week. Hell, the bloodletting may already have begun. But the latest gossip says the worst is yet to come: A gobsmacking 300 people coast to coast let go by the end of the week, one tipster claims. Higher level staff supposedly get their briefings Wednesday. It will be interesting to hear whether the company takes this opportunity to visit vengeance on the mistreated permalancers who embarrassed the company so badly last winter. We're ready to listen!

2:57 AM on Wed Dec 3 2008
By Ryan Tate
7,096 views, 27 comments

Most discussed paige2two: video killed the radio star. more »
Redstone Dumps Video Game Biz As predicted, Viacom chief Sumner Redstone sold his stake in Midway Games for pennies on the dollar, just for the tax benefits. We still think he'll eventually have to sell some or all of CBS to pay his $1.6 billion debt. [WSJ]

1 comment
moguls
Panic Finally Breaks Desperate Billionaire
If Sumner Redstone had just sold his CBS stock back when it looked like he was in trouble, he might have gotten $10, even $15 per share. Instead he sold only what he was forced to, then wasted a lot of time huffing and puffing in the press about how he would never ever sell another CBS or Viacom share, even though $800 million was due in December. In the meantime CBS shares plummeted to less than $5, and only now is Redstone admitting the obvious: He may have to sell some of that stock. Reports the Times: More »

3:58 AM on Tue Nov 25 2008
By Ryan Tate
1,565 views, 9 comments

Most discussed belltolls: I love the swap meet feel of the new economic reality. more »

VH1 Layoff Prep? The latest rumor is that MTV is planning a round of layoffs for early December. Now a tipster tells us that fellow Viacom property VH1 is holding a big HR meeting for department heads tomorrow. To sharpen the hatchet? Email us details. UPDATE: MTV layoffs are tentatively set for December 3 or 4, according to another tipster.

7 comments
MTV Layoff Rumormonger Rumors have been floating around for the last month that Viacom is planning a big round of layoffs. The latest: we hear that MTV is planning one round of cuts for early December, and another in January. Both would technically miss the holiday, making them appear slightly less Scrooge-like. If you have any details (or denials), email us.

14 comments
moguls
Sumner Redstone May Settle Loans Via Mortal Kombat
Desperate mogul Sumner Redstone may be able pay off some of his $1.6 billion in debt before half of it comes due in December. The solution: Sell off Midway Games, money-bleeding maker of classic arcade hits like Rampage, Spy Hunter and Mortal Kombat. Some $800 million in cash infusions for Midway were a major contributor to Redstone's debt and pissed off daughter Shari, according to the Wall Street Journal, which reported Monday morning that Shari just resigned as chairwoman to Midway, signaling a sale may be in the works.In addition to Midway, the Redstones are said looking to unload their slot machine company. What the hell is divorced ole Sumner supposed to do for fun??

3:04 AM on Mon Nov 10 2008
By Ryan Tate
479 views, 9 comments

Most discussed harvey_wallpaper: i wish i had 1.6 billion dollars because i would create a competition for redstone: 1. he gets two weeks to more »
Exclusive
Ominous Viacom Memo: Need To 'Dramatically' Reduce Spending
Rumors of pending layoffs at Viacom have been floating around for weeks now. The media conglomerate is in terrible debt, and just yesterday announced that it's canceling its holiday parties from coast to coast. Today, a tipster has sent us an internal memo from Bob Bakish, the head of MTV Networks, that grimly alludes to "unprecedented economic challenges" that have caused a hiring freeze, and will affect spending "dramatically" through the entire coming year. Will the company start off the new year with a round of layoffs? Eminently possible. Bakish's full internal email, after the jump: More »

3:20 PM on Tue Nov 4 2008
By Hamilton Nolan
3,836 views, 35 comments

Most discussed Zorica: I got an email with "IMPORTANT" in the subject line this morning too. It was a link to a more »